Bank of America has recently launched a new savings program called Keep the Change.  We here at Smart Savings 101 are always looking for new and creative ways to save money.  While Bank of America is not known for having high interest savings accounts, the Bank of America Keep the Change program is a pretty cool way to save more money.

Essentially Bank of America Keep the Change transfers the change that you would get back on any purchase is instead transferred to your Bank of America savings account or money market account.  Let’s say that you are purchasing a sandwich for lunch for $5.35.  Bank of America would charge your debit card $6.00 and $.65 will be transfered to your savings account.

This applies the saving your change savings method to online virtual purchases.  I don’t know about you, but I always save my change and at the end of the day I put it into my change jar.  I love watching this change grow.  Now you can keep doing this even though more and more of your purchases are done with virtual money.

But, Bank of America is not just going to transfer your own money from your checking account to your savings account.  Instead, BoA is also going to match your savings up to $250 a year.  During the first 3 months you are enrolled in Keep the Change, B of A will match your deposits 100%.  After the first three months, they will match at 5% up to $250.

You need to read the details of this program at the Bank of America website.  I think that Bank of America’s Keep the Change program is a unique approach to helping people save money as we move to virtual currencies.  Please share your thoughts about this review of the Keep the Change program.